Epstein Secrets

h — The Agricultural Improvement Act of 2018 (also known as the 2018 Farm Bill) was Group is intended as commentary on _ signed into law by President Donald Trump on Dec. 20, 2018. The main CBD-related political, economic or market conditions changes in the law are that it: 1) declassifies industrial hemp as a

mmentary on _ signed into law by President Donald Trump on Dec. 20, 2018. The main CBD-related political,

d as commentary on _ signed into law by President Donald Trump on Dec. 20, 2018. The main CBD-related poli

f U.S. eCommerce Sales '13 vs. ‘18E vs. ‘23E Office Equip/Supplies Garden Equip/Supplies Toys Sporting Goods Other 100% 90% 80% Media Auto 70% Food & Bev 60% Furniture & Home Furnishings 50% 40% Consumables a y 30% Electronics & Appliances 20% 10% Clothing & Accessories 6 0% 2013 2018E 2023E Sou

e trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dr

Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontlo

am Page for Full List of Contributors 10Y real rates. CNH a hedge vs trade risk. Trump extends some trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dramatic moves. Som1e of those moves are extending trends that had already started — higher yields, hi

n hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob Oo 0 0 Oo 0 Oo 8 po WwW WOW © © © © © © © © © © SSReRPERELZERS SS

r Cross Asset year ahead you needed not so much a crystal ball as a time machine to have got things completely right this year. Aside from Brexit and Donald Trump winning the US election it is easy to forget that in February we were worrying about a US recession and deflation. US 5Y5Y forward breakeven inflatio

ed at 1.8% at that point. Four months later we were worrying about the deflationary impact of Brexit. Now we are thinking about the reflation under a Trump Presidency. Chart 9: US 5Y5Y forward inflation troughed in February Chart 10: At the same time as Basic Resources 3.3 17 34 45 —— Stoxx Basic Resour

P Index ‘ Bear case: vulnerable to rotation into value sectors in a risk-on market, margins close to peak, structural challenges for Nokia/ Ericsson. Food & Bev 59 uw A50 Highest correlation to rising yields/ bond proxy, valuations still not cheap on a range of metrics (esp vs Healthcare), falling earnings re